COM - Oil majors tick up into overbought territory ahead of Chevron's investor day: Sector Watch

March, 07 2021 03:54 PM Direxion Auspice Broad Commodity Strategy

Oil's strong momentum continued this past week as OPEC+ kept its output unchanged.WTI futures (CL1:COM) rose 7.7% to finish above $66/barrel, and Brent futures (CO1:COM) was up 7.9% and 50 cents away from $70/barrel.WTI is up more than 35% for the year. It's now in oversold territory with the relative strength index (14-day) at 73 and it's more than 86% above its 200-day simple moving average.The SPDR S&P Energy Sector ETF (XLE) is along for the ride. It was the runaway S&P sector winner last week, up 10%, and is up 24.4% for 2021.This week, Chevron (CVX) holds its Investor Day. Starting at 10 a.m. ET, it will include presentations by several members of the executive leadership team. After the formal presentation and Q&A, four breakout sessions hosted by execs will cover corporate, upstream, midstream/downstream & Chemicals and energy transition, according to Seeking Alpha's Catalyst Watch.Expect lots of discussion about Friday's move to acquire

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Oil majors tick up into overbought territory ahead of Chevron's investor day: Sector Watch

Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE

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